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1. What are the four elements of a valid contract?
A contract is an "agreement between parties, with terms and conditions that describe the agreement that constitutes a legal obligation" (All Business). A valid contract requires four elements and these are:
a. Mutual agreement there must be a meeting of the minds between parties. There should be an offer and an acceptance. There should be an agreement to enter into the contract
b. Consideration - meaning that "every party is conferring a benefit on the other party or himself sustaining a recognizable detriment, such as a reduction of the party's alternative courses of action where the party would otherwise be free to act with respect to the subject matter without any limitation" (Wikipedia). This simply means that there should be something given and something received.
c. Legality - The good or service being exchanged must be legal
d. Capacity both parties should be legally competent to enter into the agreement.......
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Title: Business Law Problems
Approximate Word Count: 2551
Approximate Pages: 11 (250 words per double-spaced page)
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